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Q2a: Bridgette owns and runs a small licensed (alcohol) café. Her refrigerator broke down and she contacted an old client and friend of hers, Eddie (electrician) to repair it. Eddie's normal charge-out rate is $100 per hour and it took 2 .75 hours to repair ($275) but instead, they agree that Eddie could have food and beverages to that amount instead of a cash payment. Both Bridgette and Eddie are registered for GST. What are the GST considerations for each party in regard to this arrangement (considering "supply")? Q2b: Bob the Builder is registered for GST and has recently completion the construction of a residence on a vacant block of land he purchased in Kingston. He employed a number of sub-contractors to build the house such as electricians, roof-tilers, plumbers, etc. all of whom included GST in their billings. Only a matter of weeks after the residence was completed, Bob sold the property to Thomas who in turns plans to rent out the property (tenancy). You are required to explain how GST (law) affects both Bob and Thomas.
Last year, Gransky Corporation's variable costing net operating income was $52,100 and its ending inventory increased by 400 units. Fixed manufacturing overhead cost was $7 per unit. What was the absorption costing net operating income last year?
Calculate the cash dividends required to be paid for each of the following preferred stock issues: The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares authorized, issued, and outstanding.
For the month of January, there were no units in the beginning work in process inventory; 60,000 units were started into production in January; and there were 15,000 units that were 40% complete in the ending work in process inventory at the end o..
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Suburban Lifestyles expanded into the precut housing market when it acquired Fairmont Com..
The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances:
When a fire truck purchased from General Fund revenues was received, the appropriate journal entry was made in the governmental activities general journal. What account, if any, should have been debited in the General Fund?
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
Why is it difficult to develop accounting reporting categories that are uniform for governments within the same type of entity (e.g. cities) and even more difficult to develop them for governments within different types of entities
The CPA firm you are working for has just taken on a new client. The firm has just learned that the new client will soon be on the cover of a well-known magazine, the firm is very concerned the work they produce is outstanding in every aspect. Tha..
How can Emily and Richard mitigate the foreign currency loss?
Why would you select the percentage of sales method on calculating doubtful accounts as opposed to the percentage of receivables method? Which method favors the income statement? Which method favors the balance sheet?
What is the relationship between tax base and tax rate in determining the revenue collected by the government? Give an example of how a particular tax would fit into the various components of the equation.
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